Former Filene’s site 100 percent leased as construction begins

STAMFORD, Conn., Oct. 19, 2006 — Stamford Town Center today announced that the area once occupied by Filene’s is 100 percent leased. Construction began this month on the renovated space, which opens in early November 2007. The lineup of tenants eager to share in the Stamford market stars a powerhouse of the country’s most in-demand sit-down restaurants — including one new to the entire Northeast, three entering Connecticut for the first time and two newcomers to Stamford.

Making its first foray into the Northeast is Arizona-based Kona Grill. Other state firsts are The Capital Grille, Mitchell’s Fish Market and P.F. Chang’s. California Pizza Kitchen and Famous Dave’s Bar-B-Que offer additional new-to-the-area dining options. The renovation will also include a new Cosi.

The restaurants will open onto a new, fully landscaped outdoor plaza at Tresser and Greyrock. All will offer outdoor patio dining as well as indoor seating.

Also debuting in the renovated space will be Stamford’s first H&M, the stylish Swedish retailer known for fun, trendy fashions at reasonable prices for men, women, teens and children.

Last summer, Stamford Town Center announced that Stamford’s first and the state’s largest Barnes & Noble will anchor the renovation and open onto the plaza.

“We are very excited to be 100 percent leased in the former Filene’s site as construction begins,” observes Mike McAndrews, Stamford Town Center general manager. “From the very beginning, we’ve had tremendous interest from some of the country’s hottest restaurants eager to move into this prime downtown space and introduce themselves to the people of Stamford. With the state’s largest Barnes & Noble and the area’s first H&M, this renovation brings a truly amazing addition to downtown Stamford and to the community.”

The renovation, with its outdoor plaza, opens the south end of the center to foot traffic. The sunlit glass tower features escalators and elevators for easy access to the existing center.

Shoppers and diners can valet park adjacent to the restaurants. They can also self -park in the existing Stamford Town Center deck -- or just walk over from work.

Taubman Centers Inc. (NYSE:TCO), a real estate investment trust, currently owns and/or manages 23 urban and suburban regional and super regional shopping centers in 11 states with an industry-leading sales productivity averaging over $500 per square foot. Taubman Centers is headquartered in Bloomfield Hills, Michigan. The company’s website is www.taubman.com.

This press release contains forward-looking statements within the meaning of the Securities Act of 1933 as amended. These statements reflect management's current views with respect to future events and financial performance. Actual results may differ materially from those expected because of various risks and uncertainties, including, but not limited to changes in general economic and real estate conditions, changes in the interest rate environment and availability of financing, and adverse changes in the retail industry. Other risks and uncertainties are discussed in the company's filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.

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